Saratoga Casino Holdings has teamed with The Chickasaw Nation, Legends and Thor Equities in a bid for a $3 billion casino project, which they say will rejuvenate New York’s Coney island.
New York State is expected to award three casino licenses in the coming months. The bidders say that if their application is approved, Coney Island’s economy will no longer be as singularly dependent on summertime amusement park visitors.
They add that the investment will create 2,500 construction jobs and thousands of permanent new roles.
Saratoga Casino already operates a racino in upstate New York. In total, it operates 175,000 square feet of casino gaming space with more than 2,100 slot machines, table games, a poker room and two sportsbooks – plus several entertainment venues, restaurants, nightclubs, and bars.
New York family history
“My family has done business in New York for generations, including opening the first non-tribal casino in 2004 which has contributed over $1.2 billion to New York State education,” said Sam Gerrity, CEO of Saratoga Casino Holdings LLC. “We are thrilled to be partnering with Thor Equities Group, LLC and Global Gaming Solutions, LLC, two world class organizations, to bring a community friendly gaming and entertainment venue to Coney Island.”
Global Gaming Solutions is a business entity of the Chickasaw Nation.
Legends will be the venture’s entertainment partner and was originally founded as a joint venture with the New York Yankees and the Dallas Cowboys.
“This incredible resort will be a world class entertainment destination, with gaming, a variety of restaurants and entertainment for locals and tourists year-round,” said Bill Rhoda, president of Legends Global Planning.
The battle for the New York licenses is expected to be hotly contested, having attracted interest from industry giants, such as Caesars Entertainment, Las Vegas Sands, Malaysia’s Genting and MGM Resorts.
Caesars in October detailed its plans for a project in New York’s Time Square in a venture with SL Green Realty. The companies gave no financial details of the project, but said it would be 100 percent privately funded.